On December 31, significant fund inflows were observed in both Bitcoin and Ethereum ETFs following a day of large outflows amid a broader market downturn.
Bitcoin ETF Inflows
According to SoSoValue data, the 12 spot Bitcoin ETFs recorded a net inflow of $5.32 million on December 31, marking the end of a 2-day outflow streak that saw over $723 million leave the funds. The majority of the inflows were attributed to Fidelity’s FBTC, which saw $36.81 million enter the fund. Contributions to the positive momentum were also made by Bitwise’s BITB and Grayscale Bitcoin Mini Trust with inflows of $8.68 million and $4.14 million, respectively. However, not all funds were successful: BlackRock’s IBIT saw outflows for the second consecutive day with $23.45 million exiting the fund.
Ethereum ETF Market Dynamics
During this period, nine spot Ethereum ETFs also showed positive performance, raising the total fund inflows to $35.93 million after previous day outflows of $55.41 million. Fidelity’s FETH led the day's inflows with $31.77 million, while Grayscale Ethereum Mini Trust recorded an inflow of $9.77 million, though Grayscale’s ETHE saw an outflow of $5.61 million.
Market Performance and Conclusion
The daily total trading volume for these investment products was $2.25 billion on December 31, significantly lower than the $3.14 billion recorded the previous day. Bitcoin's price was up 1.1% at press time, trading at $93,545 per coin, while Ethereum showed a 0.5% drop, trading at $3,337. Despite the volatility, the ETF market shows resilience.
The last day of the year demonstrated positive sentiment among Bitcoin and Ethereum ETF investors, indicating possible new trends in the market as we head into 2024.
